Ferrovial's American Bet Pays Off as North American Growth Fuels Record Earnings

AMSTERDAM – February 26, 2026 – Global infrastructure giant Ferrovial announced a year of significant operational growth for 2025, with strong performance across its business lines driven by a strategic and increasingly fruitful focus on the North American market. The company reported a 12.2% year-over-year increase in adjusted EBITDA to €1.5 billion, on revenues that climbed 8.6% to €9.6 billion, capping a landmark year that saw its inclusion in the prestigious Nasdaq-100 Index.

While net profit stood at €888 million, a notable decrease from the €3.2 billion reported in 2024, the figure reflects a strategic shift rather than an operational slowdown. The prior year's profit was heavily inflated by substantial one-off capital gains from major asset sales, including stakes in Heathrow and AGS Airports totaling over €1 billion. The 2025 results, by contrast, highlight the robust health of the company's core operations and its successful pivot towards high-growth projects in the United States and Canada.

"2025 was a remarkable year for Ferrovial, culminating in its inclusion in the Nasdaq-100 Index in December," said CEO Ignacio Madridejos in a statement. "Our North American assets performed particularly well, and the Construction business exceeded its profitability target."

The North American Growth Engine

The standout performer in Ferrovial's portfolio was its Highways division, which saw revenues climb 13.7% to €1.4 billion. This growth was overwhelmingly powered by its North American assets, which delivered a record €880 million in dividends. The company’s managed Express Lanes in Texas, North Carolina, and Virginia reported strong revenue-per-transaction growth that outpaced U.S. inflation, demonstrating the resilience and pricing power of these key infrastructure corridors.

In Canada, the 407 ETR highway in Toronto continued to be a cash-generating powerhouse, posting a double-digit rise in EBITDA driven by a 6.1% increase in vehicle kilometers traveled and an 11.7% jump in revenue per trip. This performance underscores the value of mature, well-positioned toll roads in major metropolitan areas.

Looking forward, Ferrovial is doubling down on its U.S. ambitions with an impressive pipeline of potential projects. The company is currently shortlisted for three major managed lanes projects:
* The I-24 Southeast Choice Lanes in Tennessee, a complex, approximately $5 billion project to add optional toll lanes between Nashville and Murfreesboro.
* The I-285 East Express Lanes in Georgia, a critical congestion-relief project in the Atlanta metro area.
* The I-77 South Lanes project in North Carolina, for which a Ferrovial-led consortium was shortlisted in February 2026.

"Looking ahead, we're focused on accelerating our growth in the United States, where we see a strong pipeline of new greenfield infrastructure opportunities across highways and airports," Madridejos added, signaling a clear path for future capital deployment.

Financial Engineering and Strategic Reshaping

Ferrovial's 2025 performance is a case study in disciplined capital allocation and strategic portfolio management. The company actively reshaped its asset base, divesting mature European airport holdings to fuel investment in its North American growth engine. This asset rotation strategy included the completed sales of its stakes in Heathrow and AGS Airports, which generated the large capital gains seen in 2024.

The capital was immediately put to work. Ferrovial closed the acquisition of an additional 5.06% stake in the highly profitable 407 ETR highway for €1.3 billion, reinforcing its commitment to its best-performing assets. The company also maintained a strong balance sheet, ending the year with €5.1 billion in liquidity and a negative net debt position of -€1.3 billion when excluding infrastructure project debt. This formidable financial standing provides substantial firepower for pursuing its ambitious growth pipeline without over-leveraging. Shareholders were also rewarded, with the company allocating €657 million to dividends and share buybacks throughout the year.

A New Star on the Nasdaq

A significant milestone validating Ferrovial's U.S.-centric strategy was its inclusion in the Nasdaq-100 Index in December 2025. This achievement, coming just a year and a half after its U.S. market debut, places the Spanish-origin company among the world's largest non-financial firms listed on the exchange. It was the first company from Spain's benchmark IBEX 35 index to list its ordinary shares directly on Nasdaq.

This inclusion is more than symbolic. It dramatically increases Ferrovial's visibility to a wider pool of U.S. and international institutional investors. Analysts estimated that the move would trigger approximately $315 million in passive inflows from index-tracking funds and ETFs, boosting liquidity and supporting the stock's valuation. The market has responded with enthusiasm; the company’s stock delivered a remarkable 63% return over the past year, reflecting strong investor confidence in its strategic direction and its growing foothold in the lucrative U.S. infrastructure market.

Building the Future: Construction and Airports

Beyond the highways, Ferrovial's Construction division also had a banner year, achieving a record-high order book of €17.4 billion. Critically, North America now accounts for 46% of this backlog, demonstrating how the construction business is aligned with the company's overall geographic strategy. The division not only grew its revenue by 7.5% to €7.7 billion but also soared in profitability, with adjusted EBIT jumping 24.2% and its margin outperforming long-term targets.

In the Airports division, all eyes are on the massive New Terminal One (NTO) project at New York's JFK International Airport. Ferrovial injected €236 million in equity into the $9.5 billion project in 2025. Construction is progressing steadily, with the terminal's first phase of 14 gates on track for a scheduled opening in June 2026. The project has already secured 25 agreements with major international airlines, including 16 executed contracts with carriers like Air France, Etihad, and Korean Air, signaling strong commercial demand for the state-of-the-art facility long before its completion.

With a robust project pipeline in the U.S., a fortified balance sheet, and validated market confidence from its Nasdaq-100 inclusion, Ferrovial has positioned itself not just as a participant, but as a formidable leader in the ongoing transformation of North American infrastructure.